India’s forex reserves up $3.60 bn to over $405.63 bn

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Mumbai, March 22 (IANS) India’s foreign exchange (forex) reserves increased by $3.60 billion during the week ended March 15, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves rose to $405.63 billion from $402.03 billion reported for the week ended March 8.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.54 billion to $377.77 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves rose by $38.9 million at $23.40 billion.

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The SDR value inched up by $5.9 million to $1.46 billion, while the country’s reserve position with the IMF grew by $12.1 million to $2.99 billion.

–IANS

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